NXP Semiconductors will increase its R&D spending in India by more than $1 billion.

He stated that the company, which employs roughly 3,000 people across four semiconductor design centers, is in discussions with the nation's auto industry as well as other industries. 

Even though India's chip industry is still in its infancy, it is a key component of its economic strategy, and a $10 billion incentive package has been set aside to support efforts to compete with Taiwan and other global chipmaking giants. By 2026, India anticipates that its semiconductor market will be valued at $63 billion.

Significant research and design centers have been established in the nation by major players like Nvidia (NVDA.O), opens new tab and AMD (AMD.O), opens new tab, highlighting its growing significance in the global ecosystem that aims to lessen its reliance on hubs like China and Taiwan. 

"We are preparing an 85,000-strong semiconductor workforce of technicians, engineers, and R&D experts," Indian Prime Minister Narendra Modi stated at the event. "India's contribution of about 20% of chip designing talent to the industry is growing."

In an effort to become a global leader in electronics, India approved the construction of three semiconductor plants in February, giving companies like Tata Group and CG Power the opportunity to invest 1.26 trillion rupees ($15 billion). 

MU.O, Micron opens a new tab About 5,000 jobs would be created in Gujarat as a result of the U.S. memory chip maker's proposed $2.7 billion testing and packaging facility, according to CEO Sanjay Mehrotra's statement from the previous year.